Unemployment rate continues to drop

New figures from the Office for National Statistics (ONS) show more good news for UK jobseekers, as unemployment fell in the fourth quarter of last year by 125,000 compared to the third quarter.

According to freshbusinessthinking.com, the decline means that in December, just 2.34 million people were out of work in the UK. Now, the unemployment rate sits at 7.2 per cent.

Wages also rose in the year to December 2013 by 1.1 per cent. However, it should be noted that inflation rose by 1.9 per cent over the same period, meaning average earning increases still aren’t matching cost of living rises.

At the end of 2013, 72.1 per cent of the population was employed, an increase from 0.6 per cent compared to December 2012.

There was good news for women too, as 67.2 per cent of the female population were in work in December. This means around 14 million women are now working – the highest number ever recorded.

Employment minister, Esther McVey, is particularly pleased with the news.

“With employment continuing to increase, it’s clear that the government’s long-term plan to build a stronger, more secure economy is helping businesses create jobs and get people into work,” she explained to bbc.co.uk, adding: “Record numbers of women are in work and youth unemployment continues to fall, which means more people have the security of a regular wage and can plan for their future.”